China is forging ahead with its financing coordination mechanisms for real estate projects to stabilise the housing market, Mysteel Global noted.
Under the so-called “whitelist” mechanism launched in January, local authorities recommended real estate projects eligible for financial support to commercial banks.
As of the end of March, Chinese commercial banks had completed the review of the first batch of these projects and had approved loans of more than Yuan 520 billion ($71.8 billion) to support over 2,100 real estate projects across the country, Mysteel Global learned.
The “whitelist” mechanism, with a focus on funding projects under construction, has provided great support for the delivery of housing projects as well as boost consumers’ confidence to ensure the steady and healthy development of the real estate market, sources said.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.